ICICI Prudential Life could become the first major insurance company to be listed through an initial public offer after parent ICICI BankBSE -0.58 % decided to sell a part of its stake to the public.

India’s largest private sector life insurer filed an offer document with regulators for an issue that could raise around Rs 6,325 crore for the parent while valuing the company at close to Rs 50,000 crore.

The share sale is an exclusive offer by ICICI Bank and does not comp ..